Above all, it is the service sectors that are improving, while industry is struggling. The composite index for countries with the euro as currency rose from 50.2 in July to 51.2 in August. This was better than the economists' average forecast, which was for an unchanged index figure.
However, the improvement is primarily French and reflects the increased economic activity during the Paris-Olympic Games. Otherwise, the recovery in the European economy is slow, according to a comment from Oxford Economics. The manufacturing industry is still struggling, with a falling index, to 45.6, and clearly below 50, which indicates declining activity.
Among the largest euro countries, Germany's economy is still struggling. The so-called composite index fell from 49.1 to 48.5. France's economy, on the other hand, has strengthened, with the index rising from 49.1 to 52.7, where the aforementioned Olympic Games are contributing.
